Thursday, December 2, 2010

Principal Broker licensing rules for 2011

Beginning January 1, 2011 the rules relating to obtaining a principal broker’ license are changing. To qualify for a principal real estate broker license, you must:
• Be 18 years old.
• Have a high school diploma, GED or international equivalent
• Have three years of active real estate license experience.
• Complete the 40-hour Brokerage Administration and Sales Supervision course from an OREA approved provider.
• Take and pass the new state principal broker license examination of approximately 48 questions.
Once you pass your state license examination, you can apply for a principal broker license. The license application is not available online and is issued by the Agency directly to you. You then submit the completed application with the required fee and proof of completion of the required courses to the Agency.

To obtain a license, you must submit:
• Original completed License Application obtained from the Agency.
• $230 license fee.
• Original Brokerage Administration and Sales Supervision course Completion Certificate.
When all of the items are received by the Agency, a Principal Broker license may be issued.

Generally, licenses are issued for a two year period. However, your first license period may be shorter. The full license fee is still required.

If you have been a principal broker previously, have verification of licensed experience from another state or any extenuating circumstances, contact the Licensing Section before beginning the process at (503) 378-4170, select 2 from the menu.